Geode Capital Management LLC Increases Stake in Core & Main, Inc. $CNM

Geode Capital Management LLC raised its stake in Core & Main, Inc. (NYSE:CNM) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 3,472,477 shares of the company’s stock after purchasing an additional 18,874 shares during the period. Geode Capital Management LLC’s holdings in Core & Main were worth $209,597,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its holdings in Core & Main by 6.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company’s stock worth $7,725,000 after buying an additional 9,473 shares in the last quarter. CWM LLC raised its position in shares of Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company’s stock worth $41,000 after purchasing an additional 213 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Core & Main by 1.5% in the 1st quarter. Allianz Asset Management GmbH now owns 815,435 shares of the company’s stock worth $39,394,000 after purchasing an additional 11,982 shares during the last quarter. Regency Capital Management Inc. DE acquired a new position in Core & Main during the 1st quarter valued at approximately $1,017,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Core & Main during the 1st quarter worth $1,119,000. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CNM has been the topic of several research analyst reports. Royal Bank Of Canada lowered their price target on Core & Main from $67.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 10th. JPMorgan Chase & Co. raised their price objective on shares of Core & Main from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Loop Capital reissued a “hold” rating and set a $68.00 target price on shares of Core & Main in a research note on Monday, July 28th. Citigroup decreased their target price on Core & Main from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, September 10th. Finally, The Goldman Sachs Group decreased their price target on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, September 12th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $60.64.

Core & Main Trading Down 4.9%

NYSE CNM opened at $44.86 on Tuesday. Core & Main, Inc. has a 12 month low of $41.97 and a 12 month high of $67.18. The stock has a 50-day simple moving average of $51.17 and a 200 day simple moving average of $56.94. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $8.86 billion, a PE ratio of 20.03, a P/E/G ratio of 1.85 and a beta of 0.98.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.Core & Main’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the company earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Core & Main Company Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.